House Financial Services Committee Chair French Hill stated on June 9 that he expects Senate counterparts to develop compromise language for a crypto market structure bill that President Trump will sign, acknowledging some implementation details may be left to regulators. The bill represents the most advanced legislative attempt to divide jurisdiction between the SEC and CFTC over digital assets.
For Armada's crypto repo desk, the bill's final asset classification framework will determine which collateral tokens sit under which regulatory regime, affecting custody, margin, and documentation requirements. BTC is widely expected to remain a commodity, but ETH and SOL classifications remain contested and could alter haircut policy and Fireblocks custody structuring.